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Notes Payable | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Notes Payable | Note F — Notes Payable As of December 31, 2023 and 2022, the principal balances on notes payable are as follows (dollars in thousands): Schedule of Notes Payable
|  | Original Debt |  |  | Monthly |  |  | Balance as of |  |  |  |  | Term (in |  |  |  | Interest |  |  | Loan
Loan |  | Amount |  |  | Payment |  |  | 12/31/23 |  |  | Lender |  | Years) |  |  |  | Rate |  |  | Maturity
MVP Memphis Poplar (3) |  | $ | 1,800 |  |  |  | I/O |  |  | $ | 1,800 |  |  | LoanCore |  | 5 |  |  |  |  | 5.38 | % |  | 3/6/2024
MVP St. Louis (3) |  | $ | 3,700 |  |  |  | I/O |  |  | $ | 3,700 |  |  | LoanCore |  | 5 |  |  |  |  | 5.38 | % |  | 3/6/2024
Mabley Place Garage, LLC |  | $ | 9,000 |  |  | $ | 44 |  |  | $ | 7,428 |  |  | Barclays |  | 10 |  |  |  |  | 4.25 | % |  | 12/6/2024
322 Streeter Holdco LLC |  | $ | 25,900 |  |  | $ | 130 |  |  | $ | 24,672 |  |  | American National Insurance Co. |  | 5 |  | * |  |  | 3.50 | % |  | 3/1/2025
MVP Houston Saks Garage, LLC |  | $ | 3,650 |  |  | $ | 20 |  |  | $ | 2,851 |  |  | Barclays Bank PLC |  | 10 |  |  |  |  | 4.25 | % |  | 8/6/2025
Minneapolis City Parking, LLC |  | $ | 5,250 |  |  | $ | 29 |  |  | $ | 4,223 |  |  | American National Insurance, of NY |  | 10 |  |  |  |  | 4.50 | % |  | 5/1/2026
MVP Bridgeport Fairfield Garage, LLC |  | $ | 4,400 |  |  | $ | 23 |  |  | $ | 3,531 |  |  | FBL Financial Group, Inc. |  | 10 |  |  |  |  | 4.00 | % |  | 8/1/2026
West 9th Properties II, LLC |  | $ | 5,300 |  |  | $ | 30 |  |  | $ | 4,343 |  |  | American National Insurance Co. |  | 10 |  |  |  |  | 4.50 | % |  | 11/1/2026
MVP Fort Worth Taylor, LLC |  | $ | 13,150 |  |  | $ | 73 |  |  | $ | 10,807 |  |  | American National Insurance, of NY |  | 10 |  |  |  |  | 4.50 | % |  | 12/1/2026
MVP Detroit Center Garage, LLC |  | $ | 31,500 |  |  | $ | 194 |  |  | $ | 26,759 |  |  | Bank of America |  | 10 |  |  |  |  | 5.52 | % |  | 2/1/2027
St. Paul Holiday Garage, LLC (1) |  | $ | 4,132 |  |  | $ | 24 |  |  | $ | 3,714 |  |  | KeyBank |  | 10 |  | * |  |  | 4.90 | % |  | 5/1/2027
MVP St. Louis Washington, LLC (1) |  | $ | 1,380 |  |  | $ | 8 |  |  | $ | 1,241 |  |  | KeyBank |  | 10 |  | * |  |  | 4.90 | % |  | 5/1/2027
Cleveland Lincoln Garage, LLC (1) |  | $ | 3,999 |  |  | $ | 23 |  |  | $ | 3,594 |  |  | KeyBank |  | 10 |  | * |  |  | 4.90 | % |  | 5/1/2027
MVP Denver Sherman, LLC (1) |  | $ | 286 |  |  | $ | 2 |  |  | $ | 257 |  |  | KeyBank |  | 10 |  | * |  |  | 4.90 | % |  | 5/1/2027
MVP Milwaukee Arena Lot, LLC (1) |  | $ | 2,142 |  |  | $ | 12 |  |  | $ | 1,925 |  |  | KeyBank |  | 10 |  | * |  |  | 4.90 | % |  | 5/1/2027
MVP Denver 1935 Sherman, LLC (1) |  | $ | 762 |  |  | $ | 4 |  |  | $ | 684 |  |  | KeyBank |  | 10 |  | * |  |  | 4.90 | % |  | 5/1/2027
MVP Louisville Broadway Station, LLC (2) |  | $ | 1,682 |  |  |  | I/O |  |  | $ | 1,682 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
MVP Whitefront Garage, LLC (2) |  | $ | 6,454 |  |  |  | I/O |  |  | $ | 6,454 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
MVP Houston Preston Lot, LLC (2) |  | $ | 1,627 |  |  |  | I/O |  |  | $ | 1,627 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
MVP Houston San Jacinto Lot, LLC (2) |  | $ | 1,820 |  |  |  | I/O |  |  | $ | 1,820 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
St. Louis Broadway, LLC (2) |  | $ | 1,671 |  |  |  | I/O |  |  | $ | 1,671 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
St. Louis Seventh & Cerre, LLC (2) |  | $ | 2,057 |  |  |  | I/O |  |  | $ | 2,057 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
MVP Indianapolis Meridian Lot, LLC (2) |  | $ | 938 |  |  |  | I/O |  |  | $ | 938 |  |  | Cantor Commercial Real Estate |  | 10 |  | ** |  |  | 5.03 | % |  | 5/6/2027
St Louis Cardinal Lot DST, LLC |  | $ | 6,000 |  |  |  | I/O |  |  | $ | 6,000 |  |  | Cantor Commercial Real Estate |  | 10 |  |  |  |  | 5.25 | % |  | 5/31/2027
MVP Preferred Parking, LLC |  | $ | 11,330 |  |  | $ | 66 |  |  | $ | 11,028 |  |  | Key Bank |  | 10 |  | ** |  |  | 5.02 | % |  | 8/1/2027
Less unamortized loan issuance costs |  |  |  |  |  |  |  |  |  | $ | (426 | ) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | $ | 134,380 |  |  |  |  |  |  |  |  |  |  |  |  |
| (1) | We issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.
| (2) | We issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties.
| (3) | The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 and MVP Memphis Poplar.
* |  | 2 Year Interest Only
** |  | 10 Year Interest Only
I/O - Interest Only In September 2023, we paid five notes in full with Vestin Realty Mortgage II, Inc. in the amount of approximately $9.9 million. In February 2024, we refinanced the note payable for MVP St. Louis 2013 and MVP Memphis Poplar with a ten year, $5.9 million note payable with an interest rate of 7.94%. Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. As of December 31, 2023, borrowers for two of the Company’s loans totaling $38.2 million, failed to meet certain loan covenants. As a result, we are subject to additional cash management procedures, which resulted in approximately $0.8 million of restricted cash as of December 31, 2023. In order to exit cash management, certain debt service coverage ratios or debt yield tests must be exceeded for two consecutive quarters to return to less restrictive cash management procedures. As of December 31, 2023, future principal payments on notes payable are as follows (dollars in thousands): Schedule of Future Principal Payments on Notes Payable
2024 |  | $ | 10,564 |
2025 |  |  | 29,166 |
2026 |  |  | 22,789 |
2027 |  |  | 67,084 |
Thereafter |  |  | 5,603 |
Total |  | $ | 135,206 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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